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Here's Why You Should Buy Myriad Genetics (MYGN) Stock Now
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Myriad Genetics, Inc. (MYGN - Free Report) has been gaining investor confidence on continued positive results. Over the past month, the company’s share price has outperformed its industry. The stock has gained 5.2% in comparison with the industry’s 0.9% gain and the S&P 500’s 3.2% decline.
This Salt Lake City, UT-based company has a market cap of $2.36 billion. The company has an expected earnings growth rate of 11.5% for the next three to five years.
With solid prospects, this Zacks Rank #1 (Strong Buy) stock is an attractive pick for investors at the moment.
What Working in Favor of the Stock?
New Products Bode Well
Myriad Genetics’ testing volumes from new products grew to 77% of total test volumes in first-quarter fiscal 2019 from 1% in fiscal 2013. The company expects to see double-digit growth in new product volumes in fiscal 2019 along with significant expansion in reimbursement coverage. Earlier, management had expected each of these products to generate revenues of more than $50 million by fiscal 2020.
Increased Focus on International Operations
In line with one of its strategies, the company had earlier stated plans of boosting international revenues to 10% by fiscal 2020. Further, the company informed that it has switched focus to a kit-based strategy in order to drive global growth. In this regard, the company’s EndoPredict, Prolaris, and myPath Melanoma tests can be performed on Thermo Fisher’s QuantStudio 5.
In addition, as part of its restructuring strategy, Myriad Genetics expects to shut down its laboratory in Munich, Germany, by 2018-end. Moreover, the company plans to sell its German clinic by the end of first-quarter fiscal 2019.
Huge Potential of Hereditary Cancer Testing
Myriad Genetics continues to witness year-over-year growth in Hereditary Cancer volumes. Moreover, the last reported quarter was the seventh consecutive quarter in which the company witnessed year-over-year Hereditary cancer volume growth. Further, Myriad Genetics saw impressive demand for metastatic breast cancer testing in comparison to the previously reported quarter.
Which Way Are Estimates Treading?
For the current quarter, the Zacks Consensus Estimate for earnings is pegged at 38 cents, reflecting year-over-year growth of 22.6%. The same for revenues stands at $218.5 million, mirroring 12.6% improvement year over year.
For fiscal 2019, the Zacks Consensus Estimate for earnings is pinned at $1.75, reflecting 45.8% year-over-year growth. The same for revenues is pegged at $872.1 million, indicating a rise of 12%.
Other Key Picks
A few other top-ranked stocks in the broader medical space are Integer Holdings Corporation (ITGR - Free Report) , Surmodics, Inc. (SRDX - Free Report) and Veeva Systems (VEEV - Free Report) .
Integer Holdings has an earnings growth rate of 30.3% for 2018 and a Zacks Rank #2 (Buy).
Surmodics’ long-term earnings growth rate is projected at 10%. The stock carries a Zacks Rank of 2.
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With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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Here's Why You Should Buy Myriad Genetics (MYGN) Stock Now
Myriad Genetics, Inc. (MYGN - Free Report) has been gaining investor confidence on continued positive results. Over the past month, the company’s share price has outperformed its industry. The stock has gained 5.2% in comparison with the industry’s 0.9% gain and the S&P 500’s 3.2% decline.
This Salt Lake City, UT-based company has a market cap of $2.36 billion. The company has an expected earnings growth rate of 11.5% for the next three to five years.
With solid prospects, this Zacks Rank #1 (Strong Buy) stock is an attractive pick for investors at the moment.
What Working in Favor of the Stock?
New Products Bode Well
Myriad Genetics’ testing volumes from new products grew to 77% of total test volumes in first-quarter fiscal 2019 from 1% in fiscal 2013. The company expects to see double-digit growth in new product volumes in fiscal 2019 along with significant expansion in reimbursement coverage. Earlier, management had expected each of these products to generate revenues of more than $50 million by fiscal 2020.
Increased Focus on International Operations
In line with one of its strategies, the company had earlier stated plans of boosting international revenues to 10% by fiscal 2020. Further, the company informed that it has switched focus to a kit-based strategy in order to drive global growth. In this regard, the company’s EndoPredict, Prolaris, and myPath Melanoma tests can be performed on Thermo Fisher’s QuantStudio 5.
In addition, as part of its restructuring strategy, Myriad Genetics expects to shut down its laboratory in Munich, Germany, by 2018-end. Moreover, the company plans to sell its German clinic by the end of first-quarter fiscal 2019.
Huge Potential of Hereditary Cancer Testing
Myriad Genetics continues to witness year-over-year growth in Hereditary Cancer volumes. Moreover, the last reported quarter was the seventh consecutive quarter in which the company witnessed year-over-year Hereditary cancer volume growth. Further, Myriad Genetics saw impressive demand for metastatic breast cancer testing in comparison to the previously reported quarter.
Which Way Are Estimates Treading?
For the current quarter, the Zacks Consensus Estimate for earnings is pegged at 38 cents, reflecting year-over-year growth of 22.6%. The same for revenues stands at $218.5 million, mirroring 12.6% improvement year over year.
For fiscal 2019, the Zacks Consensus Estimate for earnings is pinned at $1.75, reflecting 45.8% year-over-year growth. The same for revenues is pegged at $872.1 million, indicating a rise of 12%.
Other Key Picks
A few other top-ranked stocks in the broader medical space are Integer Holdings Corporation (ITGR - Free Report) , Surmodics, Inc. (SRDX - Free Report) and Veeva Systems (VEEV - Free Report) .
Veeva Systems’ long-term earnings growth rate is estimated at 19.2%. The stock sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Integer Holdings has an earnings growth rate of 30.3% for 2018 and a Zacks Rank #2 (Buy).
Surmodics’ long-term earnings growth rate is projected at 10%. The stock carries a Zacks Rank of 2.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>